The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-11-02
TO SELL THE BARRACKS.
THE STOCKHOLDERS ACCEPT CAPT.
PURSES OFFER.

The Government to Have the Bull
Street Front and the Drayton Street
Frontage to be Sold to Capt. Purse
for sac, 5oo-Opposition to the Sale
End of the Hotel Scheme.
The final scenes in the new hotel move were
enacted last night at Metropolitan Hall, and
the project which has so long filled the
minds of many citizens has passed away
into what the poets call the vista of the
past"
The stockholders of the Ogethorpe Real
Estate Company assembled to the number
of about fifty in Metropolitan Hall, Presi-
dent E. n We'll in the chair, for the pur
pose of acting upon the offer of Capt. D.
G. Purse.
The paper containing the names OF those
who had authorized Mr. Purse to dispose of
their interests in the company and consent
ing to the sale of the property for S75, 900,
was read After the reading, attention was
called to the fact that it had not been ascer-
tanned whether or not a quoI urn was pres
ent. A committee consisting of MeSsrs.
J. B. Duckworth, Lee Roy Myers and j. c.
Rowland was appointed to examine the
proxies, and they reported that legal
quorum was present.
CAPT. PURSES LETTER.
The following letter was then read:
SAVANNAH GA, Nov. !. 1887.
r, A Vel, Esq, President OgIetholpe Real
Estate CoHpdHY CITY:
DEAR SIR beg TO inform you, and through
you the stockholders OF the QglethOrpe Real
Estate Company. that, in pursuance of the
authority granted me by the paper bearing date
signed by the stockholders of the
Oglethorpe Real Estate Company, and repre-
"a 1 : |
sale to the United States government for the
sum of $%9,500 20 Of that portion of the property
known as toe United States Barracks, covering
the whole OF the front Bal street, and i2O
feet each on Harris and Liberty streets being
rectangular in shaS The United States At
toraey. who is investlga lag title prior to the
making of conveyance to the United States, has
requested that the conveyance shall he duly
authorized in a regular meeting of stockholders
of the company by vote Of twO-thirds of the
entire stock. Agreeable 10 his request, / beg
that you will lay the matter before the stock
holders meeting tonight, and have proper
resolutions passed for this purpose.
AS to the remainder of the barracks lot, beg
to submit the following two propositions:
TWO PROPOSITIONS.
I. So soon as the title to the portion sold
to the United States shall have been
executed and accepted toy the United States.
will pay the sum Of S., 500 cash for good and
sufficient warranty titles TO the remainder of
the lot; or
Q Upon the execution OF titles to the United
States as above, and acceptance of the title by
them, will pay the sum Of S100 and give my
promissorN note due on or before three months
after date f.. the sum of S25,500 for the eXecu
tion and delivery to me of a bond for the titles
TO the remainder of said lot on the following
conditions: Good and sufficient warranty titles
are TO be made to me on payment of said note
with the understanding and agreement that in
the meantime the property shall be sold by me
in block or in lots. and if there is realized from
the sale more than $685. then the excess over
and above the sum of S26,0O0
shall be by me turned into the
treasury of the Ogethorpe Real Estate
Company to become part of the assets of the
stock in which its stockholders are interested.
This latter proposition includes the right to have
titles made to me or to my assigns for the whole
or any part, upon payment on account of said
note in proportion to the area of the portion
thus conveyed.
In explanation of this second alternative
proposition, will say that the sum of S26 900 is
fixed upon in oTlerto allow the sum of $500 for the
amount to be paid by me for the bond for titles
and for the expenses of conducting the sale to
the United States government, and the contem-
plated sale of the balance of the said property
In conclusion, request that the matters re
ferred to in this letter may be definitely acted
upon by the stockholders in their meeting to-
night. Yours very respectfully,
D. &. PURSE.
OPPOSITION TO THE SALE
Considerable discussion arose over the
several propositions in the letter. The
lawyers present were called upon to give
their opinion on the question of selling the
property i'll part or as a whole, and also as
to the rights of those who had not accepted
stock in the company, but still held their in
terests by reason of their original subscrip-
tons To a one-hundredth part of the pur-
chase money.
Two resolutions, covering Mr. Purses two
propositions, were offered by Mr., A r.
Lawton, j. Mai. A. L. Hartridge moved
to amend by accepting Mr. Purses first
proposition. The amendment was accepted
and the resolutions were then offered as fol
lows:
THE SALE CONFIRMED.
BE IL Resolred, By the Stockholders of the Ogle-
thorpe Real Estate Company, representing two
thirds of the entire stock of the said company
that the Directors be. and they are hereby re-
queSted and instructed to cause TO be made unto
the United states government, a good and Suf-
fcient warranty title in and to that portion of
the real estate of this company described as fol-
lows, that is 20 say: beginning at the southeas-
Jern corner of Bull ard Liberty streets in the
city of savannah, and running thence along the
eastern line of Bull street ~ feet and 9nches to
the northern line Of Harris street; thence along
the notbern line of Harris street 100 feet; thence
in d northerly direction TO point on the south
ern line OF Liberty street which shall be 100 feet
from the southeastern corner of Bull and Liber-
ty streets and thence along the southern line of
Liberty street 40 feet to the point of beginning.
Be il further
Resoired, That the price to be paid by the
United States government shall be not less than
s495lO, TO he paid in cash after the receipt of
title by the Secretar,- of the Treasury
Resotred. BY the stockholders of the Ogle-
thorpe Real Estate Company, representing two
thirds OF the entire stock of said company that
the first alternative proposition of d. q. Purse
he and the same is hereby accepted; and that
the Directors be and they are hereby requested
and instructed to carry out the agreement, and
TO have titles signed sealed and delivered
Be At further resolved, That the letter from d.
g. Purse read to the meeting this evening be
spread upon the minutes as a part of the
records Of this meeting.
vote was taken with the following re-
suit:
r OF tile resolutions. .oSS
Against the resolutions. ...........-........l 19
The vote necessary to carry the resolu-
tons was 467, or two-thirds of the stock.
The motion prevailed, and the directors were
instructed to sell to Mr.. Purse.
1t was stated during the meeting that
some of those who had not accepted stock
would contest the right of the Incorporation
to sell their holdings, and one gentleman
who had not accepted the company's scrip
left the meeting.
The sale of the property probably ends all
attempts to build large hotel in Savannah
for many years to come.
PUBLIC HEALTH PROMOTERS.